The Kraft Heinz Company (KHC) announced on Wednesday that its revenue in the second quarter of the fiscal year 2024 saw an annual drop of 3.6% to reach $6.48 billion. The corporation's net income slumped by 90% compared to the same trimester in 2023 to land at $100 million. Its diluted earnings per share (EPS) plunged by 90.1% year-on-year to $0.08. Still, it also saw a 1.5% growth in gross profit of $2.29 billion.
"Our second quarter net sales growth came in lower than originally anticipated, as consumer sentiment remains cautious," Chief Executive Officer (CEO) Carlos Abrams-Rivera said. "While we are now expecting a more gradual top-line improvement in the back half of the year, we continue to unlock efficiencies that are allowing us to make accretive investments in our brands, grow profits, and drive future sales growth."
Following the report, Kraft Heinz's shares rose by 0.53% in the premarket.
